MUSCAT, OCT 29
The Muscat Stock Exchange (MSX) has taken another significant step towards its ambition of achieving Emerging Market classification, with London-based investment research firm Edison announcing a major expansion of independent equity research coverage of Omani listed companies.
The initiative comes against the backdrop of MSX’s inclusion on the FTSE Russell watchlist earlier this month, marking an important milestone in the Exchange’s efforts to secure an upgrade from its current Frontier Market status.
Under the collaboration, Edison will provide independent research coverage of 14 MSX-listed companies across energy, banking, chemicals, fertilisers, shipping, utilities, telecommunications and industrials.
Building on its existing coverage of Omantel, Edison will initiate comprehensive research on 10 companies, including financial forecasts, periodic updates, management interviews and investor webinars. Four additional companies will receive profile reports and regular updates.
Importantly, the research will be freely accessible through Edison's global distribution network of more than 60 institutional, retail and news platforms, reaching over 10,000 investment institutions worldwide.
The initiative addresses a critical aspect of MSX's Emerging Market aspirations: improving the visibility, transparency and accessibility of Omani equities among international institutional investors.
Edison will also publish a monthly Oman-focused investment newsletter, highlighting economic developments, market performance and the pipeline of initial public offerings and government divestments.
A benchmarking study will additionally assess MSX's performance against regional exchanges, particularly concerning liquidity, investor relations standards and readiness for international index inclusion.
The collaboration follows FTSE Russell's October 7 announcement placing MSX on its watchlist for potential future reclassification. The global index provider will assess the Exchange against criteria encompassing market accessibility, liquidity, trading infrastructure, settlement arrangements, foreign investor participation and transparency.
MSX has already introduced several reforms supporting these objectives, including its OPTIQ trading platform, Euroclear connectivity, omnibus accounts and provisions permitting 100 per cent foreign ownership.
Haitham Al Salmi, CEO of MSX, said: “Our collaboration with Edison marks an important step in enhancing the international visibility of MSX-listed companies through independent research.”
Oliver Haslam, Managing Director of Edison Group, described Oman as possessing “one of the most compelling and least-told equity stories in the Gulf”, citing attractive valuations, strong regulation and a substantial pipeline of new listings.
While inclusion on the FTSE Russell watchlist does not guarantee an upgrade, the Edison partnership represents another important building block in MSX's wider strategy to attract international capital, deepen market liquidity and strengthen its credentials for eventual Emerging Market classification.
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